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KCM

Kingdon Capital Management Portfolio holdings

AUM $976M
1-Year Est. Return 66.76%
This Fund
S&P 500
This Quarter Est. Return
+12.66%
1 Year Est. Return
+66.76%
3 Year Est. Return
+217.15%
5 Year Est. Return
+352.97%
10 Year Est. Return
+2,412.55%
AUM
$806M
AUM Growth
+$63.2M
Cap. Flow
+$71.2M
Cap. Flow %
8.84%
Top 10 Hldgs %
31.19%
Holding
105
New
38
Increased
18
Reduced
11
Closed
28

Top Buys

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$22.3M
2
MOH icon
Molina Healthcare
MOH
+$20.3M
3
MSFT icon
Microsoft
MSFT
+$14M
4
EW icon
Edwards Lifesciences
EW
+$12.5M
5
META icon
Meta Platforms (Facebook)
META
+$11.9M

Top Sells

Rank Stock Value
1
SNDK
Sandisk
SNDK
+$16.8M
2
WM icon
Waste Management
WM
+$16M
3
TOL icon
Toll Brothers
TOL
+$15.4M
4
MMM icon
3M
MMM
+$15.2M
5
AJG icon
Arthur J. Gallagher & Co
AJG
+$14.4M

Sector Composition

Rank Sector Weight
1 Miscellaneous 22.13%
2 Healthcare 22.02%
3 Industrials 17.09%
4 Technology 16.15%
5 Consumer Discretionary 5.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QQQ icon
1
PUT
Invesco QQQ Trust
QQQ
$489B
$51M 6.33%
+85,000
New +$48.7M
SNDX icon
2
Syndax Pharmaceuticals
SNDX
$1.74B
$38.5M 4.77%
2,500,000
+400,000
+19% +$5.24M
SMH icon
3
PUT
VanEck Semiconductor ETF
SMH
$65.6B
$22.8M 2.84%
70,000
+10,000
+17% +$2.96M
NVDA icon
4
NVIDIA
NVDA
$5.25T
$21.9M 2.72%
117,500
-19,000
-14% -$3.31M
MOH icon
5
Molina Healthcare
MOH
$10.4B
$21.1M 2.62%
+110,200
New +$20.3M
SLNO
6
DELISTED
Soleno Therapeutics
SLNO
$20.3M 2.53%
+301,000
New +$22.3M
EW icon
7
Edwards Lifesciences
EW
$52B
$19.6M 2.43%
251,400
+160,100
+175% +$12.5M
NXE icon
8
NexGen Energy
NXE
$6.97B
$19.5M 2.42%
2,177,837
+200,000
+10% +$1.47M
HUM icon
9
Humana
HUM
$46.3B
$18.4M 2.28%
70,600
+6,000
+9% +$1.58M
BLDR icon
10
Builders FirstSource
BLDR
$7.29B
$18.2M 2.26%
150,000
+21,500
+17% +$2.85M
CRH icon
11
CRH
CRH
$63.8B
$18M 2.23%
150,000
-50,000
-25% -$5.28M
ECG
12
Everus Construction Group
ECG
$5.91B
$17.1M 2.13%
200,000
– –
CART icon
13
Maplebear
CART
$11.7B
$16.5M 2.05%
450,000
+130,000
+41% +$5.99M
KKR icon
14
CALL
KKR & Co
KKR
$97.6B
$16.2M 2.02%
125,000
-75,000
-38% -$10.6M
EWY icon
15
PUT
iShares MSCI South Korea ETF
EWY
$28B
$15.2M 1.89%
+190,000
New +$14.1M
GMED icon
16
Globus Medical
GMED
$11.1B
$14.8M 1.83%
257,650
+87,650
+52% +$5.05M
MSFT icon
17
Microsoft
MSFT
$3.81T
$14.2M 1.77%
+27,500
New +$14M
XLU icon
18
PUT
State Street Utilities Select Sector SPDR ETF
XLU
$21.9B
$13.1M 1.62%
+300,000
New +$12.7M
HEI icon
19
HEICO Corp
HEI
$47B
$12.9M 1.6%
40,000
– –
SRAD icon
20
Sportradar
SRAD
$3.83B
$12.8M 1.58%
474,000
+74,000
+19% +$2.19M
LOAR icon
21
Loar Holdings
LOAR
$6.72B
$12M 1.49%
150,000
+5,000
+3% +$376K
TSM icon
22
TSMC
TSM
$2.17T
$11.9M 1.47%
42,500
– –
META icon
23
Meta Platforms (Facebook)
META
$1.47T
$11.8M 1.46%
+16,000
New +$11.9M
SKY icon
24
Champion Homes
SKY
$4.9B
$11.5M 1.42%
+150,000
New +$10.6M
APG icon
25
APi Group
APG
$17.2B
$11.2M 1.39%
325,000
-12,500
-4% -$436K
1
2 3 4 5

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Kingdon Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Kingdon Capital Management held 105 positions worth $806M, up 8.5% from $743M the previous quarter. Its ten largest holdings account for 31% of the portfolio.

Kingdon Capital Management deployed $71.2M of net new capital in Q3 2025, opening 38 new positions and adding to 18 existing holdings. Its largest new stake was Soleno Therapeutics: 301,000 shares worth $20.3M.

By sector, the portfolio is most concentrated in Miscellaneous at 22% of assets, down from 32% a quarter earlier, followed by Healthcare and Industrials.

On the sell side, the largest reduction was Wolverine World Wide, an estimated $10.4M trimmed.

  • Kingdon Capital Management's largest Q3 2025 buy was Soleno Therapeutics: 301,000 shares worth $20.3M.
  • Kingdon Capital Management added most to Edwards Lifesciences in Q3 2025, an estimated $12.5M increase.
  • Kingdon Capital Management's biggest Q3 2025 reduction was Wolverine World Wide, cutting an estimated $10.4M.
  • Kingdon Capital Management fully exited Sandisk in Q3 2025, selling an estimated $16.8M.
  • Kingdon Capital Management's ten largest holdings make up 31% of its $806M portfolio in Q3 2025.
  • Kingdon Capital Management opened 38 new positions and closed 28 in Q3 2025.
  • Kingdon Capital Management's portfolio value rose 8.5% quarter-over-quarter to $806M.

Based on Kingdon Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.